由于已实现资本增长放缓，Solana (SOL) 落后于比特币 (BTC) 和以太坊 (ETH)

链上分析公司 Glassnode 揭示了 Solana (SOL) 最近落后于比特币 (BTC) 和以太坊 (ETH) 的原因。

On-chain analytics firm Glassnode has offered an explanation for Solana’s (SOL) recent underperformance relative to Bitcoin (BTC) and Ethereum (ETH).

链上分析公司 Glassnode 对 Solana (SOL) 最近相对于比特币 (BTC) 和以太坊 (ETH) 的表现不佳给出了解释。

Solana’s Realized Cap Growth Slows

Solana 的已实现上限增长放缓

In a recent post on Substack, Glassnode highlighted the varying performance of Solana, Bitcoin, and Ethereum in recent times. “Examining price performance, SOL outperformed both ETH and BTC for the majority of Q4 2024,” the analytics firm noted. “However, since early December, ETH has taken the lead, outperforming the other two assets.”

在 Substack 最近的一篇文章中，Glassnode 强调了 Solana、比特币和以太坊最近的不同表现。该分析公司指出：“从价格表现来看，SOL 在 2024 年第四季度的大部分时间里表现都优于 ETH 和 BTC。” “然而，自 12 月初以来，ETH 一直处于领先地位，表现优于其他两种资产。”

As it stands, BTC has risen about 18% in the last month, ETH 28%, and SOL 3%. This marks a significant shift from earlier, when SOL was the clear market leader.

目前来看，BTC 上个月上涨了约 18%，ETH 上涨了 28%，SOL 上涨了 3%。这标志着与早期相比的重大转变，当时 SOL 是明显的市场领导者。

What could be driving this change in market dynamics? One possible explanation lies in the capital flows observed for these cryptocurrencies.

是什么推动了市场动态的变化？一种可能的解释在于观察到的这些加密货币的资本流动。

To gauge the capital flows, Glassnode uses the Realized Cap metric, which is an on-chain capitalization model that calculates the total value of an asset by assuming that the ‘real’ value of any token in circulation is the price at which it was last transacted on the blockchain.

为了衡量资本流动，Glassnode 使用已实现上限指标，这是一种链上资本化模型，通过假设流通中任何代币的“实际”价值是其最后的价格来计算资产的总价值在区块链上进行交易。

Considering that the last transaction for any coin likely represents the last point at which it changed hands, the price at the time can be viewed as its cost basis. Hence, the Realized Cap is a sum of the cost basis of all coins in the circulating supply, or a measure of the total capital put in by investors.

考虑到任何代币的最后一次交易可能代表其转手的最后一点，因此当时的价格可以被视为其成本基础。因此，已实现上限是流通供应中所有代币的成本基础的总和，或者是投资者投入的总资本的衡量标准。

In this context, changes in the Realized Cap essentially reflect the amount of capital exiting or entering the asset. The chart below, shared by the analytics firm, shows these outflows/inflows for Solana and others over the last seven days.

在这种情况下，已实现上限的变化本质上反映了退出或进入资产的资本量。该分析公司分享的下图显示了 Solana 和其他公司在过去 7 天内的资金流出/流入。

The chart displays the 7-day change in Realized Cap, highlighting the capital outflows and inflows for Solana and other assets over the last seven days. Source: Glassnode

该图表显示了已实现上限 7 天的变化，突出显示了 Solana 和其他资产在过去 7 天内的资本流出和流入。来源：Glassnode

The chart reveals that 7-day changes in Realized Cap were notably positive from September to early December. While both Bitcoin and Ethereum also experienced capital inflows during this period, SOL's growth was considerably faster.

该图表显示，从 9 月到 12 月初，已实现上限的 7 天变化显着为正。虽然比特币和以太坊在此期间也经历了资本流入，但 SOL 的增长速度要快得多。

However, the trend has reversed in the last month, with both BTC and ETH outpacing Solana. The earlier strong capital inflows might have contributed to SOL's outperformance, and their absence could explain the shift to the top two assets.

然而，这一趋势在上个月发生了逆转，BTC 和 ETH 都超过了 Solana。早期强劲的资本流入可能是 SOL 表现出色的原因之一，而资本流入的缺失可能解释了向两大资产的转变。

Solana Price

索拉纳价格

Solana's price has remained largely flat over the last few days, with the asset showing limited movement. At the time of writing, SOL trades at a price of $221, having risen about 3% in the last seven days.

过去几天，Solana 的价格基本持平，资产变动有限。截至撰写本文时，SOL 的交易价格为 221 美元，在过去 7 天内上涨了约 3%。

While Bitcoin and Ethereum have enjoyed a surge in the last few days, Solana has been moving in a sideways trajectory, and its price is yet to show any substantial gains.

虽然比特币和以太坊在过去几天里大幅上涨，但 Solana 一直在横盘整理，其价格尚未显示出任何实质性上涨。